Risk analysis and evaluation is the process of identifying potential "risks" that could adversely affect the operations, employee production, projects and financial stability of an organization or company.
Risk assessment is an effort to mitigate losses that could impact individuals, assets and the work environment and beyond.
The main types of risks to be analyzed are:
Regardless of industry, it's imperative businesses and organizations develop a risk management plan.
Let us help. Contact us today for a Risk Assessment of your business or organization.
These are the methods of evaluating risk to eliminate, manage or mitigate the exposures to various types of risks. The main strategies in risk control are: Avoiding risk; reducing risk; accepting risk [and then managing it] and transfer risk, [which could be transferred via insurance contracts, selling an assets or other means of transfer]. Controlling risk is a stage in the risk management process
Risk management is the "end" process after identifying risk, then implementing a risk control strategy then implementing a risk management plan after analysis and evaluation.
There are different types of risk management that include property risk management, liability risk management, operational and financial risk management, market risk management, liquidity risk management and so forth.
In the risk management process, there are different methodologies of risk financing that include:
We review insurance policies, coverage, terms, conditions and exclusions then evaluate if the policies in place are effectively providing the coverage needed and required.
Evaluating insurance policies is only an aspect of the entire risk management process. Other analysis is important for a sound risk management program.
When establishing Risk Control Strategies, not all methodologies are needed and/or might not be affordable. When contemplating a Risk Management Plan, several factors have to be considered such as cost of the plan, applicability, practicality and how it would impact the business or organization, it's employees, members, and management.
Once a plan has been implemented, periodic evaluation is important to measure the effectiveness of the plan, which in turn might require needed changes or implementation of other methods to address issues that have impacted or might affect the business or organization.
While there isn't a perfect plan for any business or organization, it is imperative for management, leadership or ownership to best protect the employees, members, volunteers, or staff of the business or organization as well as the physical and other assets of the business or organization.
Copyright © 2019 Potter Risk of WNY , Inc. - All Rights Reserved.
Web Design by Bright & Brainy Creative Marketing